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Mauldin Economics, Millennium Wave Investments
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Each week, well over a million readers turn to John Mauldin to better understand Wall Street, global markets, and the drivers of the world economy. And for good reason. John is a noted financial expert, a New York Times best-selling author, a pioneering online commentator, and the publisher of one ...more

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Dividends On Offense
This week continues our series on dividends and dividend growth stocks. This is one part of my strategy to try to get through what I see as a coming crisis by the end of the decade with as much of my buying power as intact as possible.
Crisis Cycle Investing
Last year I wrote a series of letters reviewing different ideas of repeatable cycles in history. All four authors I reviewed, and your humble analyst, all foresee a major crisis/upheaval coming around the end of this decade.
Monetary Dilemma
Leaders take a lot of criticism. In fact, that’s part of the job. Presidents, governors, CEOs, coaches, other top decision makers and even your humble analyst all have to answer for what happens on their watch—even when it’s not their fault.
Powering The AI
If, like me, you’re old enough to remember the 1990s internet bubble, today’s AI excitement might be giving you flashbacks. The parallels are unmistakable.
A Valuation Conversation
You may have noticed the stock market rising lately. Much of the gain isn’t so much “the market” as a handful of mega-cap stocks. Nonetheless, the bulls are clearly in charge.
Higher For Longer?
The market is still telling us they expect the Fed to cut 4 times this year. Here is the market projections for rate cuts after the NFP release. The market will be wrong.
The Good News/Bad News Economy
Of course, the economy is far more complex than coyotes vs. gravity. We don’t even know what all the inputs are, much less know with any certainty what they will produce.
An Energy Demand Surge Is Imminent
A surge in energy demand is imminent. Within a year, the five-year growth forecast for national electricity demand has jumped from 2.6% to 4.7%. Much of this demand surge will come from artificial intelligence.
Choose Your Own Economy
The economy isn’t a storybook. It’s the real world and it affects everyone. Its direction depends in part on the policy choices of central bankers and government leaders.
AI Is Already Making Us More Productive
We are in the early days of an AI-driven productivity boom. In the US, worker productivity rose 3.2% in Q4 2023.
Desperately Seeking Neutral
One of the more fascinating and mysterious parts of watching the Federal Reserve is the ongoing dialogue between Fed leaders and Wall Street. We imagine private meetings held in great secrecy.
Are Chinese Stocks Un-Investable?
After the great financial crisis, China’s appetite for commodities and technology fueled a global economic recovery.
Industrial Size Surplus
I previously predicted “a muddle-through year.” That’s still what I expect -- but not for everyone, nor for every corner of the economy. Some people are going to have problems. One sector I think will face problems is commercial real estate.
Going Bang!
In thinking about the 2020s, I often find myself looking back to the 1920s. That decade began with a deep recession/depression and ended with a stock market crash.
Clashing Crises
“Two is better than one” is a nice saying, but it really depends on what you’re describing. Two hurricanes or earthquakes aren’t better than one. The same holds true for man-made crises like the debt fiasco we’ve been discussing.
Are We On A Collision Course With China?
The heart of the issue here isn’t Taiwan, but China’s ambitions to dominate the Eastern Hemisphere, both economically and militarily… and then use that dominance to challenge the US from a position of even greater strength
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